Why BTC, ETH and Not Shiba Inu? Exploring Balenciaga’s Crypto Acceptance Strategy

After Gucci and several others, Balenciaga starts accepting BTC and ETH for payments

Luxury brand Balenciaga has become the latest member of the cryptocurrency club. The company's CEO Cedric Charbit announced that from June, certain Balenciaga stores in the US would start accepting Bitcoin and Ethereum payments. The mainstream adoption of cryptocurrencies has increased multi-fold since its inception. The industry has even spread its wings to garner the trust of fashion and lifestyle icons. Several fashion houses like Tag Heuer, Gucci, Off White, and others adopted cryptocurrencies as viable forms of payments. Quite similarly, Balenciaga also joined the competition to reap the benefits that the digital asset world has to offer.

Amid these successful achievements for the crypto market, the question that keeps pestering the minds of certain crypto investors is why are most commercial brands adopting Bitcoin and Ethereum? And why not Shiba Inu? Are all hopes lost for SHIB's ultimate revival? Well, since the crypto market mostly serves at the pleasure of investor sentiment, the answer to these questions is easily understandable since the companies are acting keeping in mind the future prospects of the cryptocurrencies. It is quite obvious that Bitcoin and Ethereum would be better options for investment, but Shiba Inu is also trying to prop up its network and offer investors a chance to see its potential. Hence, it is only humane to give the cute SHIB token one chance to show its prospects by adopting it on a mainstream basis.

Coming back to Balenciaga's decision to adopt BTC and ETH, it is quite unclear as to what inspired such a decision despite the fact that almost all its competitors are choosing cryptos as payments. It is also obscure what solution Balenciaga would choose for crypto payments, but it is quite evident that the brand has been considering crypto assets for a long time and has finally implemented its plans.